Suppose the price of water rose sharply. Other things constant, what is the least likely to occur?
A) People will consume less water.
B) Fewer swimming pools will be filled with water.
C) More high-pressure showerheads will be sold.
D) The demand for water will fall.
D
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Marcus sells 300 candy bars at $0.50 each. His total costs are $125. His profits are
A. $25. B. $124.50. C. $125. D. $150.
While taxing inelastic goods minimizes social costs from taxation, it frequently conflicts with traditional notions of fairness
a. True b. False
The structure of an organization is influenced by transactions costs
Indicate whether the statement is true or false
In a closed economy with output fixed, an increase in government spending matched by an equal increase in taxes will:
A. increase consumption. B. increase the interest rate. C. increase investment. D. leave all other variables unchanged.